How to Position Yourself for Career Advantage
As presented in the chapter, firm-level decisions have a significant impact on the success or failure of organizations. Industry-level effects, however, can also play an important role (see Exhibit 1.1). Many considerations go into deciding what career choices you make during your working life. Exhibit MS 1.1 provides a sample of revenue growth rates in various industries for a recent five-year period. It shows the data for the top-25 and bottom-25 industries, including the total industry average (out of roughly 100 industries tracked). Using that table, answer the following questions.
1. If you are about to embark on a new career or consider switching careers, what effect should the likelihood of industry growth play in your decision?
2. Why could growth rates be an important consideration? Why not?
3. The data in the table show the most recent five years available. How do you expect this list to look five years from now? Which three to five industries do you expect to top the list, and which three to five industries will be at the bottom of the list? Why?